The Startup Chile accelerator is accepting applications for its new program cohort from November 2nd to November 28th. Projects from any industry and founders from any country are eligible to apply. Upon successful selection, participants can look forward to a two-year work visa for Chile, a free incubation program, and a grant ranging from $15,000 to $100,000 USD provided by the Chilean government. Startup Chile presents an opportunity to enter the Latin American market while enjoying European comforts and gaining valuable experience before approaching top North American investors and accelerators. In this article, we delve into the application requirements and peculiarities.

Benefits of the Startup Chile Program for Foreign Entrepreneurs

Startup Chile offers a wealth of benefits for foreign entrepreneurs. Here’s what you can expect:

Equity-Free Funding: Receive up to $100,000 USD without giving up any equity in your company.
Visa Support: The program assists in securing a two-year working visa, making relocation smoother.
Mentorship and Networking: Access a global network of experienced mentors, investors, and like-minded entrepreneurs.
Market Access: Get the chance to test and scale your product in the rapidly growing Latin American market.
Soft Landing: Benefit from support in establishing your business in Chile, including office space and legal advice.

Requirements for Startups

Industries: All.
Growth Stage: From a business-idea to $1 million in sales.

While there are no rigid formal criteria, startups should align with four fundamental characteristics and be able to confidently demonstrate them.

1. Technological Aspect

Startup Chile accepts projects from any industry, but the product must have a technological foundation.

2. Innovation

The product should stand out from existing offerings in the market and embody an innovative component.

3. Scalability

Chile is interested in projects with the potential for global scalability, primarily focusing on Latin America initially and expanding to the rest of the world. To achieve this, the product must have a sizable market and incorporate mechanisms for rapidly acquiring new customers.

4. Impact

A positive “Impact” beyond commercial potential. In addition to understanding the commercial prospects, you must articulate how your product will contribute to making the world a better place.

Founder Requirements

Equity Stake in the Startup: Minimum 10%.
Age: From 18 years and above.

The project leader must be fully dedicated, working exclusively on the startup from the program’s initiation. The program’s leader must be present in Chile throughout the program. There may be some flexibility in this requirement for other team members.

Requirements for Obtaining a Work Visa

– Passport validity must extend at least 24 months beyond the program start date.
– A properly legalized (with an apostille) certificate of no criminal record from the country of permanent residency or citizenship.

Foreign (non-Chilean) applicants can apply only as individuals. Funding is transferred to either the individual or a Chilean company. If the startup is already registered as a company in another country, the applicant receives funding as an individual.

How to Apply for Startup Chile: A Step-by-Step Guide

Applying for the Startup Chile Program may seem daunting, but it’s straightforward if you follow the correct steps. Here’s a step-by-step guide to help you go through the process:

Step 1: Prepare Your Application Materials

Executive Summary: Craft a concise overview of your startup, including the problem it solves, your business model, and the potential market.
Pitch Deck: Create a compelling presentation highlighting your startup’s value proposition, market opportunity, and growth strategy.
Team Details: Provide detailed information about the founders and key team members, emphasizing their expertise and role in the project.

Step 2: Register and Apply Online

Visit the Startup Chile application portal and create an account. Complete the application form with detailed information about your startup, including your business plan, financial projections, and market analysis.

Step 3: Submit a Video Pitch

A video pitch is compulsory as part of the application process. In this 3-minute video, explain your startup, your motivation for applying to Startup Chile, and why your project is innovative and scalable.

Step 4: Application Review

Once you submit your application, it will be reviewed by a panel of judges, including entrepreneurs, investors, and industry experts. The evaluation focuses on the innovation, scalability, and market potential of your startup, as well as the experience and commitment of your team.

Step 5: Interviews

If your application passes the initial review, you will be invited for an interview. This interview can be conducted virtually and usually involves a deeper dive into your startup’s business model, market strategy, and growth plans.

Step 6: Final Selection

Successful applicants will receive an official invitation to be a part of the program. You will be required to sign an agreement outlining the terms of your participation, including the requirement to relocate to Chile for the program duration. For visa-related details, check out the Temporary Resident Visa (Visa Temporaria).

Step 7: Relocation and Program Start

Once selected, you will need to relocate to Chile to begin the program.

Step 8: Engagement and Milestones

Throughout the program, you will participate in various workshops, networking events, and mentorship sessions. You will also need to meet specific milestones, such as validating your product in the market, securing partnerships, or achieving revenue targets.